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Nickel Metal Hydride or NiMH rechargeable batteries are the replacement to old NiCd rechargeable batteries. They have higher capacities (mAh rating) and no memory effect. These range of chargers are designed specifically to suit NiMH rechargeable batteries although some will also charge the older NiCd rechargeable batteries.
Crucially, the charger needs to match the battery: Only high quality rechargeable batteries are suitable for fast charging; low-self-discharge NiMH batteries need to be charged more slowly than standard or top-capacity NiMH batteries. In general, a slower charge will extend a battery's life, and is more likely to result in top battery performance.
Less expensive chargers are possible by cutting down on features: monitoring batteries in pairs cuts the number of circuits in half, but means a 4-bay charger can only cope with two or four batteries at a time; replacing electronic charge control with a timer also reduces cost, but means you risk overcharging (i.e. damaging) your batteries; the most basic chargers won't switch off at all - you need to unplug them.